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Commissioner Jim Schowalter of Minnesota Management and Budget announces Thursday that the state's shortfall shrank to $627 million from $1.1 billion. Photo by Don Davis, Forum News Service

Taxes not tabled after projected deficit shrinks

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ST. PAUL - Talk of tax increases continues even as economists anticipate a smaller state budget deficit.

"Tax reform is important for Minnesota's future," Senate Majority Leader Tom Bakk, DFL-Cook, said. "I don't think this will even slow that down."

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Bakk's comments came shortly after Minnesota Management and Budget reported Thursday the state will face a $627 million shortfall in the next two years, down from $1.1 billion predicted in late 2012.

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